We are working on the third amendment to the Investment Law

Investment Authority: We are working on the third amendment to the Investment Law and the map of the new world-class 25-10-2011 (Voice of Iraq) Sumerian News / Baghdad

Announced that the national investment, Wednesday, that it was the third amendment to the Investment Law No. 13 of 2006 which was amended in 2009, and as pointed out dealing with a new system for the establishment of six areas of investment and economic free in Iraq, confirmed that Iraq would be the fastest growing globally over the past two or the next three.

The head of the Sami al-Araji, to the Conference of Anbar province, which was held today in Istanbul, attended by Vice President Tariq al-Hashemi, "The Authority is committed to the protection and promotion of all inward investment to Iraq under the Investment Law," noting that "the authority is working on a third amendment to the Act Investment No. 13 of 2006 which was amended in 2009. "

Araji said that "the Authority is currently working on a map of the new investment and world-class collaboration with the Organization of Altmanip Industrial Organization of the United Nations, to promote the investment environment in Iraq," noting that "the body to deal with a new system for the purpose of the establishment of investment zones in Iraq based on the text Article 9 / VII of the Investment Law No. 13 of 2006. "

The head of the investment that "This system begins with six free economic zones and important complement to the rest of the investment projects, leading, and the allocated transfer Tknlogi large, starting from Basra and ends in Mosul," he said, adding that "the investor in each of these areas will benefit from the privacy of the building industries in it. "

The al-Araji, that "the IMF report, international organizations pointed out that Iraq over the past two or three years ahead will be the fastest growing globally and this is the truth," pointing out that "the Commission is facing a lot of problems in the time in which the change in the economy and the central administration of the economics of the market , but the horizon in creating an attractive investment environment and a large spacious and promising. "
The Iraqi parliament voted in the parliamentary session earlier, in October of 2009 the past, the draft law on the First Amendment to the Investment Law No. 13 of 2006, an amendment which allowed for ownership of land in the real estate projects for investors, and handling bills of the property, which were considered obstacles to investors .

Parliament passed, in October of 2006 investment law, which it was said at the time that it will open the doors to foreign investment because of introducing a lot of facilities to foreign investors, and equated the Iraqi investors and foreign, in each of privileges with the exception of real estate ownership by the project, and the text in paragraph 11 him as a foreign investor can lease the land for 50 years, renewable only that he is not entitled to possession.

The Economic Committee in the House of Representatives, the committee on the fourth of August last, that the investment law needs some modifications in line with the nature of the direction the economy in Iraq, and in affirming that the bank guarantees one of the problems that stand in the face of foreign investment in the country, and described the Iraqi banks it's like banking offices.

It is incumbent upon investors to submit their projects for the National Commission for Investment or the Investment Commission of the region or province for investment licenses and they can apply for investment license to the Department of the window one developed by the National Investment Commission and authorized to inform the investor Baqraralheiih final within 45 days from order to eliminate administrative red tape in granting investment licenses.

"Truth is everlasting, but our ideas about truth are changeable. Only a little of the first fruits of wisdom, only a few fragments of the boundless heights and depths of truth, have I been able to gather"